Modular instruments are devices that are utilized for the configuration of automated test and measurement (T&M) equipment. T&M equipment is used for the development, design, maintenance, verification, and repair of various electronic and mechanical products. The modular instruments market is segmented by product type, by end user, and by geography. Based on product type, the market is segmented into PXI platform, VXI platform, and AXIe platform. Among these product types, the PXI platform segment accounted for the maximum share of the global modular instruments market in terms of revenue in 2015 and is expected to retain its market dominance in the coming years. The PXI platform is based on peripheral component interconnect (PCI) that minimizes the cost of modular instruments and also enhances their performance. Regular software upgrades and easy availability will boost the demand for modular instruments based on the PXI platform from various end user industries, especially the defense and military sector. The market is also segmented on the basis of end user into aerospace and defense, semiconductor and electronics, and telecommunication. Semiconductor and electronics industry dominated the global modular instruments market in 2015 and this trend is expected to continue throughout the next few years. The electronics industry uses modular instruments in various processes such as photonics production, submicron and nano-precision technology, mechanical and electrical engineering, and nanotechnology. Demand for modular instruments has increased due to rising R&D investments in the electronics industry, and various technological innovations.

The global modular instruments market is segregated geographically into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and Latin America. Asia Pacific was the leading market in 2015 and this region is projected to retain its dominance over the forecast period. Asia Pacific accounted for major market share due to increasing demand for modular instruments from emerging countries such as Japan, China, Singapore, Malaysia, and Australia. Among these countries, China has emerged as one of the major manufacturers of modular instruments, and is becoming a highly lucrative market for availability of low cost modular instruments in the world. Furthermore, the modular instruments market is likely to be majorly dominated by technologically advanced nations in the coming years. 

The modular instruments marketis highly competitive with the presence of a large number of well established local, regional, and international players who provide test and measurement equipment, though they appear to be fragmented. Rapidly growing number of vendors creates intense competition in this market. Competition in the market will intensify further with the emergence of more players.Most of the modular instruments manufacturing companies in the domestic and regional market have started to manufacture application specific products for different end users and are posing a strong challenge to international modular instruments vendors. Over time, local and regional vendors will find it increasingly difficult to compete with the international vendors based on parameters such as product quality, product reliability and durability, product price, and technological innovations. An increase in mergers and acquisitions, and technological innovations will further intensify the level of competition among existing market players. Moreover, international vendors are expected to acquire domestic players to strengthen their market presence in the coming years.

Some of the key players in the modular instruments market are Cobham, Rohde & Schwarz, Keysight Technologies and National Instruments among others. The other prominent vendors in the market are Anritsu, EXFO, Aplab Limited, Ixia, Fastech Telecommunications, Qmax Test Equipments, TEKTRONIX, JDS Uniphase, Premier Measurement Solutions, SPX, Scientech Technologies, and Yokogawa Electric.

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